| 1 |
Short title, extent and commencement. | Read |
| 2 |
Definitions. | Read |
| 3 |
Act to override other laws, memorandum, articles, etc. | Read |
| 4 |
Prohibition of chits not sanctioned or registered under the Act. | Read |
| 5 |
Prohibition of invitation for subscriptions except under certain conditions. | Read |
| 6 |
Form of chit agreement. | Read |
| 7 |
Filing of chit agreement. | Read |
| 8 |
Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company. | Read |
| 9 |
Commencement of chit. | Read |
| 10 |
Copies of chit agreement to be given to subscribers. | Read |
| 11 |
Use of words "chit", "chit fund", "chitty", "kuri", "fraternity fund", or "Rotating Savings and Credit Institution". | Read |
| 12 |
Prohibition of transacting business other than chit business by a company. | Read |
| 13 |
Aggregate amount of chits. | Read |
| 14 |
Utilisation of funds. | Read |
| 15 |
Alteration of chit agreement. | Read |
| 16 |
Date, time and place of conducting chits. | Read |
| 17 |
Minutes of proceedings. | Read |
| 18 |
Copies of minutes to be filed with Registrar. | Read |
| 19 |
Restriction on opening of new place of business. | Read |
| 20 |
Security to be given by foreman. | Read |
| 21 |
Rights of foreman. | Read |
| 22 |
Duties of foreman. | Read |
| 23 |
Books, records, etc., to be kept by foreman. | Read |
| 24 |
Balance sheet. | Read |
| 25 |
Liability of foreman to subscribers. | Read |
| 26 |
Withdrawal of foreman. | Read |
| 27 |
Non-prized subscribers to pay subscriptions and obtain receipts. | Read |
| 28 |
Removal of defaulting subscribers. | Read |
| 29 |
Substitution of subscribers. | Read |
| 30 |
Amounts due to defaulting subscribers. | Read |
| 31 |
Prized subscriber to furnish security. | Read |
| 32 |
Prized subscriber to pay subscriptions regularly. | Read |
| 33 |
Foreman to demand future subscriptions by written notice. | Read |
| 34 |
Restrictions on transfer of rights of foreman. | Read |
| 35 |
Transfer of non-prized subscriber's rights to be in writing. | Read |
| 36 |
Recognition of transfer by foreman. | Read |
| 37 |
Entry of transferee's name in the books. | Read |
| 38 |
Meetings of general body of subscribers. | Read |
| 39 |
Provision for continuation of chits in certain cases. | Read |
| 40 |
Termination of chits. | Read |
| 41 |
Copy of assent or consent to be filed with Registrar. | Read |
| 42 |
Refund of non-prized subscribers' subscriptions. | Read |
| 43 |
Subscribers' dues to be first charge on chit assets. | Read |
| 44 |
Foreman to allow certain subscribers to inspect chit records. | Read |
| 45 |
Preservation of chit records by foreman. | Read |
| 46 |
Inspection of chit books and records by Registrar. | Read |
| 47 |
Power of Reserve Bank to inspect chit books and records. | Read |
| 48 |
Circumstances under which chits may be wound up. | Read |
| 49 |
Application for winding up. | Read |
| 50 |
Bar to winding up proceedings. | Read |
| 51 |
Commencement and effect of winding up order. | Read |
| 52 |
Injunction order. | Read |
| 53 |
Powers of Registrar. | Read |
| 54 |
Vesting of chit assets in Registrar or other persons. | Read |
| 55 |
Suits, etc., to be stayed on winding up order. | Read |
| 56 |
Notification of winding up order. | Read |
| 57 |
Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings. | Read |
| 58 |
Award of compensation to foreman. | Read |
| 59 |
Right to appeal. | Read |
| 60 |
Limitation. | Read |
| 61 |
Appointment of Registrar and other officers. | Read |
| 62 |
Inspection of documents in Registrar's office. | Read |
| 63 |
Levy of fees. | Read |
| 64 |
Disputes relating to chit business. | Read |
| 65 |
Period of limitation. | Read |
| 66 |
Settlement of disputes. | Read |
| 67 |
Procedure for settlement of disputes and powers of Registrar or nominee. | Read |
| 68 |
Attachment before judgment and other interlocutory orders. | Read |
| 69 |
Decision of Registrar or nominee. | Read |
| 70 |
Appeal against decision of Registrar or nominee. | Read |
| 71 |
Money how recovered. | Read |
| 72 |
Private transfer of property made after issue of certificate void against foreman. | Read |
| 73 |
Advisory role of Reserve Bank. | Read |
| 74 |
Appeals. | Read |
| 75 |
Powers of Registrar to give extension of time for filing documents. | Read |
| 76 |
Penalties. | Read |
| 77 |
Penalty for second and subsequent convictions. | Read |
| 78 |
Application of fine. | Read |
| 79 |
Offences by companies. | Read |
| 80 |
Cognizance of offences. | Read |
| 81 |
Power to compound offences. | Read |
| 82 |
Power to enter and search any place and to seize any documents. | Read |
| 83 |
Officers to be public servants. | Read |
| 84 |
Power to delegate. | Read |
| 85 |
Act not to apply to certain chits. | Read |
| 86 |
Banks not to conduct chit business. | Read |
| 87 |
Power to exempt. | Read |
| 88 |
Protection of action taken under the Act. | Read |
| 89 |
Power to make rules. | Read |
| 90 |
Repeal and saving. | Read |
